Waste Connections, Inc.(WCN - Free Report) reported solid second-quarter 2021 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of 81 cents per share beat the Zacks Consensus Estimate by 5.2% and increased 35% year over year. Revenues of $1.53 billion beat the consensus mark by 2.2% and rose 17.5% year over year.
Acquisitions contributed $44.1 million to revenues in the reported quarter.
So far this year, shares of Waste Connections have gained 22.9%, outperforming the 8% surge of the industry it belongs to.
Let’s check out the numbers in detail:
Revenues by Segment
Solid Waste Collection segment revenues increased 15.9% year over year to $1.09 billion.
Solid Waste Disposal and Transfer segment revenues increased 18.9% from the year-ago quarter’s level to $328.78 million.
Solid Waste Recycling segment revenues surged more than 100% year over year to $40.43 million.
Intermodal and Other segment revenues increased 39.1% to $38.49 million.
E&P Waste Treatment, Recovery and Disposal segment revenues declined 12.3% from the year-ago quarter’s level to $35.51 million.
Operating Results
Adjusted EBITDA in the reported quarter was $484.91 million, up 22.9% from the year-ago quarter’s levels. Adjusted EBITDA margin came in at 31.6% compared with 30.2% in the year-ago quarter.
Operating income totaled $266.79 million, compared with an operating loss of $232.36 million in the year-ago quarter.
Balance Sheet and Cash Flow
Waste Connections exited second-quarter 2021 with cash and cash equivalents of $727.39 million compared with $743.46 million at the end of the prior quarter. Long-term debt was $4.76 billion compared with $4.61 billion at the end of the prior quarter.
The company generated $448.08 million of cash from operating activities in the reported quarter. Adjusted free cash flow was $296.05 million. Capital expenditures totaled $174.59 million.
The company paid out dividends worth $53.42 million in the reported quarter.
Currently, Waste Connections carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) second-quarter 2021 adjusted earnings of $1.98 per share beat the Zacks Consensus Estimate by 15.8% and improved on a year-over-year basis. Revenues of $1.23 billion outpaced the consensus estimate by 6.4% and improved 26% year over year on a reported basis and 23% on a local-currency basis.
Robert Half’s (RHI - Free Report) second-quarter 2021 earnings of $1.33 per share beat the consensus mark by 26.7% and were up more than 100% year over year. Revenues of $1.6 billion surpassed the consensus mark by 6.5% and increased 42.3% year over year on a reported basis and 40% on an adjusted basis.
ManpowerGroup’s (MAN - Free Report) second-quarter 2021 adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100% year over year. Revenues of $5.28 billion beat the consensus mark by 2% and inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.
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Waste Connections, Inc.(WCN - Free Report) reported solid second-quarter 2021 results wherein earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings of 81 cents per share beat the Zacks Consensus Estimate by 5.2% and increased 35% year over year. Revenues of $1.53 billion beat the consensus mark by 2.2% and rose 17.5% year over year.
Acquisitions contributed $44.1 million to revenues in the reported quarter.
So far this year, shares of Waste Connections have gained 22.9%, outperforming the 8% surge of the industry it belongs to.
Let’s check out the numbers in detail:
Revenues by Segment
Solid Waste Collection segment revenues increased 15.9% year over year to $1.09 billion.
Solid Waste Disposal and Transfer segment revenues increased 18.9% from the year-ago quarter’s level to $328.78 million.
Solid Waste Recycling segment revenues surged more than 100% year over year to $40.43 million.
Intermodal and Other segment revenues increased 39.1% to $38.49 million.
E&P Waste Treatment, Recovery and Disposal segment revenues declined 12.3% from the year-ago quarter’s level to $35.51 million.
Operating Results
Adjusted EBITDA in the reported quarter was $484.91 million, up 22.9% from the year-ago quarter’s levels. Adjusted EBITDA margin came in at 31.6% compared with 30.2% in the year-ago quarter.
Operating income totaled $266.79 million, compared with an operating loss of $232.36 million in the year-ago quarter.
Balance Sheet and Cash Flow
Waste Connections exited second-quarter 2021 with cash and cash equivalents of $727.39 million compared with $743.46 million at the end of the prior quarter. Long-term debt was $4.76 billion compared with $4.61 billion at the end of the prior quarter.
The company generated $448.08 million of cash from operating activities in the reported quarter. Adjusted free cash flow was $296.05 million. Capital expenditures totaled $174.59 million.
The company paid out dividends worth $53.42 million in the reported quarter.
Currently, Waste Connections carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Business Services Companies
Equifax’s (EFX - Free Report) second-quarter 2021 adjusted earnings of $1.98 per share beat the Zacks Consensus Estimate by 15.8% and improved on a year-over-year basis. Revenues of $1.23 billion outpaced the consensus estimate by 6.4% and improved 26% year over year on a reported basis and 23% on a local-currency basis.
Robert Half’s (RHI - Free Report) second-quarter 2021 earnings of $1.33 per share beat the consensus mark by 26.7% and were up more than 100% year over year. Revenues of $1.6 billion surpassed the consensus mark by 6.5% and increased 42.3% year over year on a reported basis and 40% on an adjusted basis.
ManpowerGroup’s (MAN - Free Report) second-quarter 2021 adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100% year over year. Revenues of $5.28 billion beat the consensus mark by 2% and inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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